Market Insights Health Pharmacies OTC Products

Vitamins & Minerals (Pharmacies) - Papua New Guinea

Papua New Guinea

Revenue in the Vitamins & Minerals market is projected to reach US$14.11m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.86%, resulting in a market volume of US$20.60m by 2029.
In global comparison, most revenue will be generated in China (US$4,414.00m in 2024).
In relation to total population figures, per person revenues of US$1.34 are generated in 2024.

Key regions: United Kingdom, India, Canada, Germany, China

Market

Region

Region comparison

Currency

Analyst Opinion

The Vitamins & Minerals (Pharmacies) market in Papua New Guinea has been experiencing significant growth in recent years. Customer preferences for health and wellness products, along with local special circumstances and underlying macroeconomic factors, have contributed to this development. Customer preferences in Papua New Guinea have shifted towards a greater focus on health and wellness. As people become more aware of the importance of maintaining good health, there has been an increase in demand for vitamins and minerals. Consumers are seeking out products that can help support their overall well-being and address specific health concerns. This trend is not unique to Papua New Guinea, but reflects a global shift towards proactive health management. In addition to changing customer preferences, there are also local special circumstances that have contributed to the growth of the Vitamins & Minerals (Pharmacies) market in Papua New Guinea. The country has a diverse population with different cultural and dietary practices, which may lead to specific nutritional needs. This has created a demand for a wide range of vitamins and minerals to address these specific needs. Furthermore, the country's geography and climate may also play a role in driving the demand for certain vitamins and minerals, such as those that support immune health in tropical environments. Underlying macroeconomic factors have also played a role in the development of the Vitamins & Minerals (Pharmacies) market in Papua New Guinea. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and purchasing power. As a result, consumers are able to afford a wider range of health and wellness products, including vitamins and minerals. Additionally, the growing middle class in Papua New Guinea has also contributed to the increased demand for these products. Overall, the Vitamins & Minerals (Pharmacies) market in Papua New Guinea is developing due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. As people become more health-conscious and have the means to afford these products, the demand for vitamins and minerals is expected to continue to grow. Pharmacies and retailers in Papua New Guinea should take advantage of this trend by offering a wide range of high-quality vitamins and minerals to meet the needs of their customers.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.